The European Commission has unconditionally approved the $3.4 billion joint venture between Suzano and Kimberly-Clark, clearing a major step in the consolidation of the global paper industry.
Brazil's Suzano, the world's largest pulp maker, on Monday secured unconditional EU antitrust approval for its $3.4 billion joint venture with U.S. diaper and tissue maker Kimberly-Clark, a European Commission statement said.
The full approval, anticipated by a Reuters report last week citing unidentified sources, is a boost for the deal announced in June last year, which will see Suzano take a 51% stake in Kimberly-Clark's international tissue business that includes popular brands such as Kleenex.
The deal is also being investigated by the UK watchdog.
Businesses in recent months have faced intense scrutiny over their deals as regulators seek to balance the interests of consumers with geopolitics, sustainability benefits, and calls to take a more lenient line to create European champions.
The global paper industry is also facing a wave of consolidation as it grapples with falling demand and structural overcapacity.
Source: Reuters
